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Cuba demands financial stability for small developing countries

Saint John, May 28 (Prensa Latina) The imbalances of the international financial system do not provide the necessary stability to achieve the objectives of sustainable development and meet the needs of Small Island Developing States (SIDS), Cuban Vice President Salvador Valdés Mesa asserted today.

During his speech at the high-level meeting on resources mobilization for SIDS, based in this country, he stressed that the challenges presented are exacerbated exponentially for Cuba, due to the economic, commercial and financial blockade imposed by the United States for more than six decades.

Also due to the country’s arbitrary inclusion in the unilateral list of alleged state sponsors of terrorism, he added.

The Cuban minister indicated that in the current context, comprehensively addressing the financing deficit will require, among other actions: recapitalizing the Multilateral Development Banks and improving their loaning conditions.

Furthermore, it is necessary to fulfill, once and for all, the commitment of first world countries to Official Development Assistance, through allocations based on vulnerabilities, not just income, he noted.

He added that it is important to define SIDS’ access to concessional financing and technical cooperation and to comprehensively review the International Monetary Fund’s surcharge policy, including its suspension, significant permanent reduction or elimination.

In relation to this, he mentioned another action: implementing a specific service to support the sustainability of the debt of these countries, involving multilateral, official bilateral and private creditors, under the auspices of the United Nations.

The only viable solution lies in rethinking the unjust and unequal international economic order and the current bases that define North-South relations and life on the planet, highlighted the Cuban vice president.

During the day, the Cuban vice president also held a meeting with the Foreign Minister of St. Kitts and Nevis, Douglas Denzil, during which he highlighted the excellent state of bilateral relations, based on friendship and cooperation.

Valdés is attending, leading a delegation from the Island, to the IV International Conference of SIDS, which brings together senior dignitaries until next Thursday, to discuss the priorities and objectives in terms of progress and sustainability for this specific category of countries, of which Cuba is part of.

At the same time, the Cuban vice president makes an official visit, on the occasion of the 30th anniversary of diplomatic relations between both these nations.

As part of the bilateral program, he holds meetings with country authorities, representatives of solidarity, Cuban residents and aid workers.